CBN warns against naira abuse, launches students' club to protect currency

The Central Bank of Nigeria has issued a fresh warning over the continued abuse of the naira. It said defacing and mutilating banknotes is driving up the cost of currency management and reducing how long the notes stay in circulation.

CBN Governor Olayemi Cardoso gave the warning on Tuesday in Abuja. He spoke at the launch of the Naira Ambassadors Club, a programme designed to teach students how to handle the national currency properly and promote respect for the naira.

Cardoso said the apex bank spends heavily to produce clean, durable and secure banknotes. But he noted that the success of that investment depends on how citizens treat the currency once it enters their hands.

He stressed that protecting the naira is a shared duty. Respect for the currency, he said, shows a citizen's commitment to safeguarding public resources and national identity.

“When banknotes are defaced, mutilated or mishandled, they deteriorate more rapidly than expected. This increases replacement costs, disrupts the efficiency of currency circulation and imposes avoidable financial burdens on the nation,” Cardoso said.

The CBN governor said the bank will keep promoting confidence in the naira through public awareness campaigns, stakeholder engagement and educational initiatives like the Naira Ambassadors Club.

He described the naira as more than just paper and polymer. The currency is Nigeria's legal tender, it facilitates trade and investment, supports economic activity and symbolises the country's sovereignty.

Cardoso added that every banknote carries images of notable Nigerians, national symbols and security features designed to maintain trust in the monetary system.

He said preserving the naira should not be seen as the CBN's job alone. It is a national duty that requires every Nigerian to play a part.

Cardoso said education remains one of the most effective tools for changing behaviour. Young people, he noted, can shape positive attitudes in their families, schools and communities.

The Naira Ambassadors Club was created to nurture students who understand the value of money and the importance of protecting the nation's currency.

“As Naira Ambassadors, you are expected to become advocates of proper currency handling. You will educate your peers and help spread the message of respect for the naira,” Cardoso said.